Goodman Group have sold a recently completed A Grade building in Macquarie Park for $144m.
The property at 2 Banfield Rd sits adjacent to Macquarie Centre.
The property consists of a brand new 12-storey architecturally designed commercial office tower providing 14,874sqm of A Grade office space, an on-site café, end of trip and gym facilities.
Schneider Electric have leased a large portion of the asset with levels 1 to 4 still available for lease.
The buyer is believed to be American real estate investment manager AEW Capital Management who were conducting due diligence on the asset in 2020.
The purchase price represents a fully let passing yield of 5.1%.
According to CI, total vacancy in Macquarie Park rose by 2.2% in the six months to July 2020, mostly attributable to a 79.86% increase in vacant A-grade stock from 3.3% to 6.3%, due to tenant contraction and vacant space leftover from the completion of 45 Waterloo Road.
Despite a significant supply addition of 35,000sqm in 2020, 6 monthly net absorption was 13,569sqm demonstrating solid tenant take up. The increase in stock was attributable to the completion of John Holland’s 45 Waterloo Road, Building C, strengthened by a 71.4% pre-commitment to Transport for NSW.
Net incentives in Macquarie Park increased marginally from 20% to 25% in the timeframe, demonstrating less of an increase than all other CBD markets across Sydney which experienced a circa 10% increase.
AEW’s Other acquisitions in recent years include;
| Address | Vendor | Price |
| 55 Clarence Street Sydney NSW | Eureka Funds Management | $ 170,000,000 |
| 50 Pitt Street Sydney NSW | TrustCapital Advisors | $ 165,000,000 |
| 10 Barrack Street Sydney NSW | Bright Ruby | $ 138,000,000 |
| 54 Miller Street North Sydney NSW | Aqualand | $ 59,400,000 |
| 19 Harris Street Pyrmont NSW | UBS Asset Management | $ 143,000,000 |
| 31 Queen Street Melbourne VIC | Challenger Life | $ 200,000,000 |
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